Saudi Arabia: OPEC+ mulls oil output cut by 0.5Ц1.5 mln bpd

УIТve heard many (proposals on OPEC+ oil production cut in 2019): from 500,000 to 1.5 million barrels per day,Ф Al-Falih said.

The reduction should be significant, but not very big, and a cut by 1 million barrels per day would be a proper volume, he said.

There is no agreement on the level of oil production in 2019 yet, he added. УNot yet, only various proposals from various state members. We hope we will have something by the end of tomorrow.Ф

Venezuelan Oil Minister Manuel Quevedo said that exception for Venezuela, which currently produces 1.6 million barrels of oil per day, from the OPEC+ deal will be discussed.

Iranian Oil Minister Bijan Zanganeh said Iran hopes that OPEC+ states will understand exception for Iran from the deal.

In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil production to rebalance the market. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day due to a favorable market environment.